Coverage

WCF Insurance has more than 100 years of extensive workers’ compensation experience, knowledge, and resources. Our claims services bring together experienced adjusters and sophisticated systems with preferred provider networks, prescription drug discounts, provider bill and utilization review, medical case management, and vocational rehabilitation services, when appropriate. This combination gives injured employees a solid foundation of care and support to foster a quick recovery. It also allows our policyholders to participate in controlling claims costs.

What is workers' compensation insurance?

A workers’ compensation policy addresses medical care and lost income for injured employees, fatality benefits for families of workers killed on the job, and your potential liability for covered claims.

Coverage is divided into two categories: (1) workers' compensation insurance and (2) employer's liability insurance. Workers' compensation insurance covers medical expenses and reimburses employees for wages lost as a result of work-related accidents. Employer's liability insurance protects employers from lawsuits brought against them by employees who were injured in job-related incidents. As with all types of insurance, there are some conditions and exclusions to both. 

Who needs workers' compensation insurance?

Most state laws require that business owners who have employees must have workers' compensation insurance. Each state has different requirements. To learn more about your state's requirements, please contact WCF Insurance or your agent.

How much is a workers' compensation policy?

The cost of a workers' compensation policy depends on several factors, including:

• Business location
• Business size
• Your payroll
• Type of work
• Claims history

Rates vary across businesses because workers’ compensation is calculated a little differently than most other insurances and is regulated by state. The best way to get an accurate estimate for your business is to get a quote.

While there's not a universal workers' compensation rate, it’s important to learn the things that can affect your premium and what you can do to secure a more affordable rate.

What do I include in payroll?

Reported gross, not net, payroll must include:

• Wages/salaries 
• Retroactive wages
• Commissions and draws against commissions
• Bonuses
• Stock bonuses or purchase plans
• Holiday, vacation, and sick pay
• Statutory insurance or pension plans
• Piecework
• Profit sharing and incentive plans
• Hand/power tool allowance (see exclusions)
• Value of rental house or apartment provided for employee
• Meals and lodging received as part of pay
• Store merchandise, certificates, or credits
• Employee payments to cafeteria (IRC 125), retirement, or savings plans
• Davis-Bacon Act wages
• Annuity plans
• Any expenses not incurred as a valid business expense

Other forms of payroll are excluded, including:

• Employee tips/gratuities 
• Group insurance 
• Pension plans
• Active military duty
• Severance pay except for time worked and accrued vacation
• Employee discounts on purchased goods
• Reimbursed expenses and flat expense allowances, except for hand/power tools
• Supper money for late work
• Uniform allowances
• Third-party sick pay
• Invention and discovery rewards
• Employer-paid perks, such as car, airline tickets, incentive vacation, club memberships, property or service discounts, and event tickets
• Employer payments to employee retirement, savings, cafeteria (IRC 125), or salary reduction plans
• The premium portion of overtime wages